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    Business Simulation

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    shrutdev
    Business Simulations are a form of combative training where participants pit their entrepreneurial business skills against those of formidable opponents under the watchful eye of a training coach. A simulation is an experiential learning exercise in which students practice the design, implementation, and control of business strategies. They worry about the applications, not the definitions, of business concepts, principles, and methods. Decisions do not occur sequentially but simultaneously and

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    Business Simulation

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    shrutdev
    379 views3 pages
    Business Simulations are a form of combative training where participants pit their entrepreneurial business skills against those of formidable opponents under the watchful eye of a training coach. A simulation is an experiential learning exercise in which students practice the design, implementation, and control of business strategies. They worry about the applications, not the definitions, of business concepts, principles, and methods. Decisions do not occur sequentially but simultaneously and

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    Business Simulations are a form of combative training where participants pit their entrepreneurial business skills against those of formidable opponents under the watchful eye of a training coach. A simulation is an experiential learning exercise in which students practice the design, implementation, and control of business strategies. They worry about the applications, not the definitions, of business concepts, principles, and methods. Decisions do not occur sequentially but simultaneously and

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    379 views3 pages

    Business Simulation

    Uploaded by

    shrutdev
    Business Simulations are a form of combative training where participants pit their entrepreneurial business skills against those of formidable opponents under the watchful eye of a training coach. A simulation is an experiential learning exercise in which students practice the design, implementation, and control of business strategies. They worry about the applications, not the definitions, of business concepts, principles, and methods. Decisions do not occur sequentially but simultaneously and

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    At a glance
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    Business simulations are experiential learning exercises that allow students to practice business decision making in a simulated environment. They help students internalize business concepts through experience.

    Business simulations are experiential learning exercises where students run simulated businesses, make decisions, and see the results. They aim to help students learn business concepts through practical experience of decision making rather than just definitions.

    Experts assert that business simulations are effective teaching tools that foster better learning transfer. Students find them engaging and put in more effort, which helps them learn concepts better and build confidence through experience of iterative decision-analysis cycles.

    Business Simulations are a form of combative training where participants pit their entrepreneurial business skills against those

    of formidable opponents under the watchful eye of a training coach.

    A simulation is an experiential learning exercise in which students practice the design, implementation, and control of business
    strategies. They worry about the applications, not the definitions, of business concepts, principles, and methods. Decisions do
    not occur sequentially but simultaneously and interactively, just as they do in the business world. The paramount objective is to
    help students internalize business thought through the practice of business decision making.

    Colleges of Business Administration are under continuing pressure to develop innovative courses to meet demands from the
    business community. At the same time, faculty members are facing increasing challenges in adopting innovative technologies
    because of the amount of risk and effort involved. Findings from an empirical study demonstrate that the students perceived
    the simulation course as a viable alternative to the lecture-based pedagogy.
    - Journal of Marketing Education, April 2007, Vol-29, No-1, pp. 25-33

    Interesting lectures, hands-on lab sessions and relevant case studies are the necessary elements of a well designed business
    course curriculum. But isn't this mix missing one essential ingredient? What is the one thing that most college classes can't
    provide?

    Experience

    Business simulations allow students to apply the newly acquired theoretical knowledge in a simulated business world. They gain
    hands-on managerial experience by running their own business. They experiment with strategies and compete with other
    companies. As the students make realistic business decisions and analyze the results of their actions, the important business
    principles become a part of their natural thinking.

    Peter Senge, author of ‘The Fifth Discipline’ believes that human beings learn best from experience, particularly when feedback
    from actions is rapid and unambiguous.

    Business simulations are effective teaching tools. Learning activities that resemble real business circumstances foster better
    transfer of learning. Experts assert that students learn more effectively because students find simulations engaging. Students
    expend more effort when using simulations and more persistently pursue simulation goals because simulations are enjoyable to
    play, interesting, and build confidence. Games involve iteratively playing through analysis-decision-result cycles that provide
    instant and accurate assessment of performance throughout the exercise.

    This summer, LPU is offering a Faculty Development Program for Business Management Faculty who would like to teach their
    management students through Business Simulations.

    The Program will provide in-depth understanding of the business simulation. Web Marketplace Business Simulator will be
    used for the training purpose. The decision areas would include all the functional areas of management.

    Marketplace® simulations are a family of business simulations for undergraduate, graduate and executive level business
    courses. Used by over 300 business schools and 180 corporations in 35 countries worldwide, Marketplace simulations deliver a
    realistic hands-on learning experience.

    Objective of FDP
    To prepare the business management faculty for blending Business Simulations in their pedagogy

    1
    Learning Outcomes
     Develop the expertise to handle the business simulation software.
     Develop strategic perspective to business education and understand cross-functional decision making.
     Develop deeper understanding of business environment its impact on business strategy and tactics.
     Learn the dynamics of business in the context of international business
     Develop understanding of leadership and team dynamics.
     Learn de-briefing skills
     Learn coaching techniques for implementing business simulation in your classes.
     Develop expertise in analysis, forecast, performance evaluation and grading.

    FDP will be very useful for:


     Deans/Heads of management institutions interested in evaluating business simulation as a pedagogic tool.
     Faculty members of Management/Commerce institutes interested in incorporating business simulation in their
    pedagogy.
     Faculty members directly involved in curriculum development.
     Research Scholars (M.Phil /Ph.D. students) likely to become management educators.
     Internal trainers/faculty responsible for developing other faculty in their institutes.
     Corporate trainers.

    Sandeep Vij, Ph.D.


    Dr. Vij is Deputy Dean in Department of Management, Lovely Professional University. He has 16
    years of experience in academics, research and industry. He specialized in Strategic Management
    from Strategic Management Forum (SMF) based at IIM Lucknow. He teaches Strategic
    Management and conducts workshops on Entrepreneurship, Business Plan, Case Study Method
    and Business Simulation. He has attended FDPs at IIMB, MDI, IIFT, IIMC, IIMK and IIML under
    Management Teachers Program of SMF. He is a passionate researcher and is amongst the top
    authors in SSRN database. He has presented papers and case studies in reputed national and
    international conferences including at IIMA, IIML and IIMK. He has handled advanced business
    simulation games like Marketplace and Smartsims.
    He can be reached at [email protected] or [email protected]

    Program Duration
    6 Days (27 June to 2 July, 2011)
    Registration Fee
    Rs. 1000 (Non Residential)
    Rs. 2500 (Residential)
    Registration Fee covers cost of course material, software license fee, lunch and tea/coffee. For the residential participants, it
    includes accommodation in the university, breakfast and dinner charges also. The program will have a maximum of 30
    participants received on first come first served basis. Lovely Professional University reserves the right for acceptance of a
    nomination. Preference will be given to regular experienced faculty of management/commerce departments/institutes, who
    intend to incorporate business simulation in their pedagogy. Faculty of all functional areas- Finance, Marketing, HR,
    Operations and Strategy can apply for the program.
    Nominations
    Nominations for FDP on Business Simulation should be made on the enclosed form. Fee should be sent by demand draft in
    favour of “Lovely Faculty of Business and Arts”, payable at Jalandhar. The duly filled in form along with the requisite course
    th
    fee should be sent by 15 June, 2011 to:
    The Administrative Officer (A.O)
    Office of Sr. Dean, LFBA,
    Lovely Professional University,
    Jalandhar-Delhi G.T. Road (NH-1),
    Phagwara, Punjab (India) – 144402
    For any queries, you can mail at [email protected] or contact at 09876045957.

    2
    Lovely Professional University,
    Jalandhar-Delhi G.T. Road (NH-1),
    Phagwara, Punjab (India) – 144402
    www.lpu.in

    NOMINATION FORM
    Faculty Development Program
    on
    Business Simulation
    [June 27 – July 2, 2011]

    Name [in Capital Letters] :_______________________________________________________

    Qualification with specialization: __________________________________________________

    Designation: _________________________________________________________________

    College/Institute:_______________________________________________________________

    Address:_____________________________________________________________________

    ___________________________________________________________Pin Code:_________

    Phone Number (O):______________________________(M):___________________________

    Email: _______________________________________________________________

    Registration Fee: Residential (Rs.2500)

    Non Residential (Rs.1000)

    Details of Demand Draft:

    Amount: Rs.….............No....………………Dated….......………Drawn on bank……………………… in favour of


    “Lovely Faculty of Business and Arts” payable at Jalandhar.

    Signature
    th
    Send your nomination by 15 June, 2011 to:
    The Administrative Officer (A.O)
    Office of Sr. Dean, LFBA,
    Lovely Professional University,
    Jalandhar-Delhi G.T. Road (NH-1),
    Phagwara, Punjab (India) – 144402
    Note: Please also send a scanned copy of filled in nomination form and demand draft at [email protected]

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